Mears Group plc is to declare an interim dividend of 3.25p (H1 2021: 2.50p; FY 2021 full year: 5.50p) reflecting the Board's confidence in the prospects of the Company. This interim dividend is in-line with the Board's stated progressive dividend policy.
Other financial highlights include:
Trading in the first half has been excellent across the Group with good growth in revenues, margins, profits, and cash
Group revenues up 9.3% year-on-year to £485.0m (H1 2021: £443.7m)
Adjusted profit before tax up 62.7% at £18.1m (H1 2021: £11.1m)
o Operating margins strengthened further to 3.9% (H1 2021: 3.1%)
Average daily adjusted net cash of £28.4m (H1 2021: £8.1m adjusted net debt)
o Cash conversion at 134% of EBITDA
o Adjusted net cash (pre-IFRS 16) at 30 June 2022 of £89.9m (31 December 2021: £54.6m)
